Click here to read the full letter sent by NASCO to Stanley C. Kent, the Chair of the Trust Decanting Drafting Committee expressing NASCO’s appreciation for the Committee’s consideration of NASCO’s concerns and NASCO’s belief that the current draft of the Uniform Trust Decanting Act provides greater protection for charitable interests than is found in most of the state decanting statutes currently in effect in various states.
Click here to view the original letter sent by NASCO to Susan T. Bart, the Reporter for the Uniform Trust Decanting Act, which included the following initial comments on the draft of the Uniform Trust Decanting Act:
May 1, 2014. Yesterday NASCO submitted comments to the US Department of Treasury recommending against the proposed Form 1023-EZ, citing the 2012 ACT Report and endorsing ACT’s reasons for recommending against development of an abbreviated application for tax-exempt status.
“While we appreciate that the IRS will be committing more resources to back-end compliance examinations to address the potential for malfeasance, our concern is that the current 17% of all applicants for which the Form 1023-EZ would apply could grow exponentially if the process for obtaining tax-exempt status was significantly simplified. Both IRS and state charities regulator enforcement capabilities are already stretched thin. While use of the Form 1023-EZ may result in somewhat of a short-term reduced burden in processing applications, the long-term effect certainly will be a greatly increased burden on already overburdened state and federal regulators,” stated NASCO President Alissa Hecht Gardenswartz. “We submit that there are alternate and more effective ways to foster ‘accountability, transparency, and openness in Government and society’ consistent with the spirit of the Paperwork Reduction Act.”
See NASCO’s comments to Treasury and suggestion for embracing electronic filing as a more effective alternative to achieving accountability, transparency, and efficiency here.
In October of 2011, Attorneys General of the various States and the National Association of Attorneys General sent a letter to Chairman Baucus and Ranking Member Orrin Hatch of the United States Senate’s Committee on Finance regarding the sharing of certain information between the Internal Revenue Service and State Charity Regulators (Attorneys General).
This document is available for download here.